Greece:
Economy

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Other pages in this profile of Greece:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP at least 75% of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. Greece violated the EU's Growth and Stability Pact budget deficit criteria of no more than 3% of GDP from 2001 to 2006, but finally met that criteria in 2007. Public debt, inflation, and unemployment are above the euro-zone average, but are falling. The Greek Government continues to grapple with cutting government spending, reducing the size of the public sector, and reforming the labor and pension systems, in the face of often vocal opposition from the country's powerful labor unions and the general public. The economy remains an important domestic political issue in Greece and, while the ruling New Democracy government has had some success in improving economic growth and reducing the budget deficit, Athens faces long-term challenges in its effort to continue its economic reforms, especially social security reform and privatization.
GDP (purchasing power parity)	Definition - World rank and map $324.6 billion (2007 est.)
GDP (official exchange rate)	Definition $314.6 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 4% (2007 est.)
GDP - per capita	Definition - World rank and map $29,200 (2007 est.)
GDP - composition by sector	Definition agriculture: 3.6% industry: 24.8% services: 71.6% (2007 est.)
Labor force	Definition 4.92 million (2007 est.)
Labor force - by occupation	Definition agriculture: 12% industry: 20% services: 68% (2004 est.)
Unemployment rate	Definition - World rank and map 8.3% (2007 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: 2.5% highest 10%: 26% (2000 est.)
Distribution of family income - Gini index	Definition - World rank and map 33 (2005)
Inflation rate (consumer prices)	Definition - World rank and map 3% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 26.2% of GDP (2007 est.)
Budget	Definition revenues: $111.8 billion expenditures: $120.6 billion (2007 est.)
Public debt	Definition - World rank and map 89.7% of GDP (2007 est.)
Agriculture - products	Definition wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products
Industries	Definition tourism, food and tobacco processing, textiles, chemicals, metal products; mining, petroleum
Industrial production growth rate	Definition - World rank and map 3.2% (2007 est.)
Electricity - production	Definition - World rank and map 56.13 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 54.31 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 5,065 kWh (2005)
Electricity - exports	Definition 1.836 billion kWh (2005)
Electricity - imports	Definition 5.616 billion kWh (2005)
Oil - production	Definition - World rank and map 5,687 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 415,700 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 38.8 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 119,200 bbl/day (2004)
Oil - imports	Definition - World rank and map 550,400 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 7 million bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 15.35 million cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 2.724 billion cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 254 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 2.707 billion cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 950.5 million cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$43.7 billion (2007 est.)
Exports	Definition - World rank and map $23.91 billion f.o.b. (2007 est.)
Exports - commodities	Definition food and beverages, manufactured goods, petroleum products, chemicals, textiles
Exports - partners	Definition Germany 11.4%, Italy 10.7%, Cyprus 6.5%, Bulgaria 6.4%, UK 5.4%, Romania 4.5%, France 4.2%, US 4.1% (2006)
Imports	Definition - World rank and map $80.79 billion f.o.b. (2007 est.)
Imports - commodities	Definition machinery, transport equipment, fuels, chemicals
Imports - partners	Definition Germany 12.9%, Italy 11.7%, Russia 5.6%, France 5.6%, China 5%, Netherlands 5% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $3.658 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $86.72 billion (31 December 2007)
Stock of direct foreign investment - at home	Definition $43.18 billion (2007 est.)
Stock of direct foreign investment - abroad	Definition $18.02 billion (2007 est.)
Market value of publicly traded shares	Definition $145 billion (2005)
Economic aid - donor	Definition $424 million (2006)
Economic aid - recipient	Definition $8 billion annually from EU (2000-06); Greece will receive about $3.8 billion per year between 2007-13 under the EU's Community Support Funds IV
Currency (code)	Definition euro (EUR)
Exchange rates	Definition euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year	Definition calendar year

Greece: Economy

Greece:
Economy